As it raised interest rates by the highest in 33 years, the Bank of England said the UK is facing its most prolonged recession since records began.

It warned that the UK would have a “tough” two-year slump and that by 2025, unemployment would have almost doubled.

Andrew Bailey, the head of the bank, said that things would get hard for UK households but that the government had to act quickly or things would worsen later.

It raised interest rates from 2.25 percent to 3 percent, which was the most significant jump since 1989.

The Bank is trying to stop prices from increasing by raising interest rates. This is because the cost of living is going up at its fastest rate in 40 years.

Food and energy prices have increased partly because of the Ukraine war. This has made life difficult for many people and is starting to slow down the economy.

When a country’s economy shrinks for two consecutive three-month periods or quarters, this is called a recession.

Companies usually make less money, wages decrease, and unemployment rises. This means the government will get less tax money for things like health care and education.

The Bank had previously said that the UK would go into recession at the end of this year. And that it would last for the whole of next year.

But it now thinks that the economy is in a “challenging” downturn that started this summer. And will last through next year and half of 2024, which could be a year with a general election.

The UK’s worst recession since the 1920s

The Bank said this wouldn’t be the UK’s worst recession, but it would be the longest since the records began in the 1920s.

Unemployment rate is at its lowest in 50 years, but will go up to nearly 6.5%.

Since former Prime Minister Liz Truss and former Chancellor Kwasi Kwarteng released their controversial mini-Budget in September, this is the first news about interest rates.

Their plans for unfunded tax cuts worth £45 billion, which have been rolled back. This sent the pound’s value down and caused market chaos, so the Bank of England had to step in to calm things.

Mr. Bailey told the BBC that the mini-budget had hurt the UK’s reputation abroad.

He said that it was clear that the UK’s position and reputation had been hurt at a recent International Monetary Fund meeting in Washington.

During the same week, Mr. Kwarteng was fired from his job as Chancellor.

With the most recent rate hike, the Bank’s eighth since December, borrowing costs are now at their highest level since 2008, when the UK banking system was close to failing.

The Bank thinks that raising interest rates will make it more expensive to borrow money and make people less likely to spend money, which will relieve price pressure.

But while savers will be happy about the latest rate hike, it will hurt people who have mortgages, credit card debt, or bank loans.

People are worried

UK residents with mortgage loans worry about the economic realities. The Bank thinks that those whose fixed-rate deals are ending could see their annual payments go up to £3,000 if interest rates keep increasing.

It said that the interest rates would go up if inflation stayed high. The financial markets thought that rates would reach their highest point at 5.25 percent. But the Bank thinks they will only go this high.

The Bank of England will decide on the interest rate before the government announces its plans for taxes and spending at the Autumn Statement on November 17.

In response to the Bank’s warnings, the pound’s value fell by 2% against the dollar on Thursday. And the cost of borrowing money from the government went up.

After a series of U-turns, government borrowing costs and the pound’s value have somewhat recovered. However, mortgage markets and business loans still show signs of stress, which adds to the long-term economic hit.

According to the forecast, the unemployment rate will go up, and household incomes will go down.

The economy is going through a rough time, and the UK is doing worse than the US and the Eurozone.

Experts predicted a sharp energy recession, but now anticipate a shallower and longer energy and mortgage shock.

As the cost of living increases, people spend less on everything from streaming videos to buying groceries. But many still need to be ready to cut back on dating.

The owner of Tinder says that from July to September, the number of paid subscriptions to the dating app went up by 7% around the world.

Match Group, which owns Hinge and OkCupid, said that total sales went up to $810 million (£704 million) in the last quarter.

But it warned that the slowdown in the world economy was starting to hurt.

In particular, it said that a weaker economy is hurting brands like Plenty of Fish that serve lower-income people. People were starting to buy fewer things inside its apps.

Tinder, saw its sales and user base grow in the three months leading up to September.

The company, which offers a free service, said it had been helped by returning the feature that allows users to swipe right and left from their devices.

Match has about 100 million active users, and Tinder has most of them.

But Tinder users were spending less on one-time features like “Super Likes” and “Boosts,” which make your profile more visible, even though Tinder subscriptions were up.

Match also thinks that Tinder’s sales will stay the same in the last three months of the year.

Revenue and growth

Overall, Match says hundreds of millions of people used its apps. And had 16.5 million paying customers across all its global brands.

That was up from 16.3 million months before July, but most of the growth came from markets other than the US and Europe, where sales were down slightly.

Tinder has had a rough time, and after less than a year as CEO, Renate Nyborg left in August. She was one of several management changes.

Match said it was still looking for a new CEO for the app. It also said that it focused on improving the Tinder experience for women after abusive interactions on the service brought the app into question.

The results from Match come after several tech giants worried about a global economic slowdown.

Last week, both Apple and Amazon said that consumers are cutting back on spending, hurting their sales.

Both said that the rising cost of living was making people less able to buy things.

Also, shares of Meta, which owns Facebook, dropped more than 20% last week after the tech giant reported terrible news.

Shares of Match, which have been doing poorly this year, went up 16% on Tuesday after the company announced its results.

COVID changed how Tinder users view dating

Its CEO has said that Tinder’s “swipe left, swipe right” method of finding matches is no longer enough for singles who are used to lockdown dating.

Jim Lanzone told the BBC that people used to match to meet in person. But that changed when virtual dating became wildly accepted during the lockdowns.

Now, dating app is moving toward “holistic” profiles so that people can learn more about each other online.

Tinder’s data shows that the average number of daily messages sent went up 19%. Compared to before the pandemic, and conversations are 32% longer.

The company says that half of Gen Z users have gone on dates through video chat. And one-third did more virtual activities together.

Users can still swipe right on someone’s profile if they like the way they looks.

SpaceX’s Falcon Heavy Rocket, a tall, three-legged vehicle that is the world’s most powerful working rocket, took to the skies again for the first time since 2019.

At 9:41 a.m. ET, the rocket took off from NASA’s Kennedy Space Center in Florida. It carried satellites for the US military into space on a secret mission called USSF-44.

In 2018, when the Falcon Heavy made its debut, SpaceX CEO Elon Musk launched his own Tesla Roadster as a test payload. The car is still in space, going around the sun in an elliptical path that swings as far as Mars’ orbital path.

Since that first test flight, SpaceX has only sent the Falcon Heavy into space twice in 2019. One launched a big TV and phone service satellite for Saudi Arabia’s Arabsat, and the other sent a group of test satellites to the US Department of Defense.

But the rocket has not taken off since 2019 since most SpaceX missions don’t need the extra power of the Falcon Heavy. On the other hand, SpaceX’s workhorse Falcon 9 rocket launched almost 50 missions this year.

The Falcon Heavy rocket splashes back on Earth each time it takes off.

After Tuesday’s mission, the company only tried to get back two first-stage rocket boosters for the Falcon Heavy rocket. The rocket’s power comes from these tall white sticks tied together.

According to a release from the US military’s Space Systems Command, the center booster fell into the ocean. Where it will stay, because it did not have enough fuel left to get back home.

On the other hand, the two side boosters landed in sync on ground pads near the coast of Florida.

SpaceX previous attempts

In the past, SpaceX has tried to land all three of the rocket’s boosters on landing pads on land and at sea. So that they can be fixed up and used again in the future. It does this to keep mission costs down. Unfortunately, the company has yet to get all three back, even though it’s been very close. After a mission in April 2019, the rocket’s two side boosters landed perfectly on ground pads simultaneously, and the center booster landed on a ship. But then, it fell over because of rough seas.

How the Falcon Heavy Rocket works

Even though Falcon Heavy is the most powerful working rocket in the world, two much bigger rockets are ready to take its place.

NASA’s Space Launch System, or SLS, the rocket is in the tall Vehicle Assembly Building at the Kennedy Space Center. It is set to try its first launch in November. To send the uncrewed Artemis 1 on a mission around the moon. After that, the Falcon Heavy will take off from a launch pad just a few miles away.

SLS is expected to put out up to 8.8 million pounds of thrust, 15% more thrust than the Saturn V rockets that powered the moon landings in the middle of the 20th century.

And just across the Gulf of Mexico, at SpaceX’s test facilities in South Texas. The company is getting ready for the first attempt to launch its Starship spacecraft and Super Heavy rocket into orbit. Even though federal regulators still need to give their final approval, the test flight could happen before the end of the year.

Everything about this mission

The public does not know the exact mission of the USSF-44. The US military’s Space Systems Command said the launch would put multiple satellites into orbit for the Innovation and Prototyping Delta. Which is focused on quickly developing space technology for tracking objects in space and doing a variety of other things.

When contacted by email, the Space System Command refused to give more information about the mission. Instead, it sent questions to the Office of the Air Force’s Secretary, who refused to comment.

Read Also: NASA and SpaceX to reboot Hubble telescope mission  

The US military is one of the main drivers of the domestic rocket economy. It gives private launch companies like SpaceX and United Launch Alliance. A partnership between Boeing and Lockheed Martin, lucrative contracts to launch satellites.

President Joe Biden and his Republican opponents have said he has done a lousy job running the US economy while in office.

Republicans have talked about Joe Biden’s recession because inflation is rising, and the stock market has been going down for most of this year.

Mr. Biden has said that the economy is “as strong as hell” and that there has been good job growth and low unemployment.

The US economy shrank by 1.6% in the first quarter of this year and by 0.6% in the second quarter (up to June).

But the most recent quarterly numbers show that growth is happening. Gross domestic product (GDP), a standard measure of a country’s economic activity, grew at an estimated annual rate of 2.6% from July to September.

During Trump’s presidency, the COVID pandemic greatly affected the economy. In 2020, economic growth dropped sharply because of the lockdowns, but it grew significantly after the restrictions were lifted.

From a longer-term point of view, the economy grew more during Mr. Biden’s first year in office (from January 2021) than it did under Trump and Obama.

Regarding economic growth, OECD predictions for 2023 show that the US will be behind China, Japan, and France, among other major economies.

Biden scores himself high in job growth

Mr. Biden has repeatedly said that steady job growth is a significant accomplishment. In September, he said that nearly 10 million new jobs had been done since taking office.

Data for non-farm jobs in the US, which make up about 80% of the labor force, shows strong growth. Since Biden took office in January 2021, non-farm jobs have grown by about 10 million, more than created during any other presidency since 1939.

But since the country stopped working because of the pandemic, the economy has picked up quickly, which has helped Mr. Biden.

Mr. Biden has also talked about the low rate of unemployment.

In September of this year, unemployment was down to 3.5%, about the same level as in January 2020, right before the pandemic, when President Trump was in office.

Mr. Biden has also talked about how wages are going up in the US.

When price increases are considered, however, real wages have been decreasing.

The average hourly wage has decreased by 3% over the past year (to September 2022).

Gas prices continues to rise

People have said that Mr. Biden is to blame for gas prices rising. When he walked into his office, the average price of a gallon of gas in the US was about $2.39. As of October 31, it was about $3.76.

He has said that inflation is “worldwide” and worse in other countries than in the US.

The US is not the only country dealing with the effects of the pandemic and the war in Ukraine. Many countries are also dealing with rising inflation and slow growth.

But the US has had higher inflation than some other developed economies.

According to the OECD, the US consumer price index (CPI) for the year until September was 8.2%. This is lower than the UK or some other European countries but higher than Japan, France, and Canada.

Interest rates in the US hit a new 14-year high

As it tries to stop prices from increasing quickly, the US central bank has agreed to another sharp rise in interest rates.

The Federal Reserve said it raised its key interest rate by 0.75 percentage points, making it the highest since early 2008.

The bank hopes that putting up the cost of borrowing will slow down the economy and stop prices from increasing too quickly.

But critics worry that the moves could lead to a bad economic downturn.

The benchmark lending rate is now between 3.75% and 4%, which is the highest range since January 2008.